Crane Co. (CR) Tops Q4 EPS by 3c; Guides Roughly In-Line
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Crane Co. Reports 2016 Results, Provides 2017 Guidance, and Extends Asbestos Liability Estimate Through 2059
January 30, 2017 5:08 PM ESTFourth Quarter and 2016 Highlights:
Fourth quarter after-tax net asbestos provision of $125 million, or $2.13 per share; estimate of asbestos liability now covers pending and projected future claims through 2059. Full year 2016 GAAP earnings per diluted share (EPS) of $2.07 compared to $3.89 in 2015. Excluding Special Items, EPS of $4.23 increased 3% compared to $4.13 in 2015. Full year sales of $2.75 billion increased slightly compared to 2015, with core growth of 2%. Introducing 2017 EPS guidance of $4.30-$4.55, with expected sales of $2.7 billion including core sales in a range of flat to +2%.... More